OPPENHEIMER HIGH YIELD FUND
Supplement Dated April 20, 1995 to the
Prospectus Dated October 25, 1994
The Prospectus is amended as follows:
1. The supplement dated March 31, 1995, to the Prospectus is corrected
and replaced by this supplement.
2. Under "Expenses" on page 2, the chart "Shareholder Transaction
Expenses" is amended by deleting the references to the $5.00 fee for
"Exchanges" and inserting "None" on that line under the headings for
Class A Shares and Class B Shares; existing footnote 2 is deleted from
that chart. A new line entitled "Redemption Fee" is added to the chart
with the word "None" under the headings for Class A and B shares, with a
reference to a new footnote (2) after each, and the footnote is added
under the chart as follows: "(2) There is a $10 transaction fee for
redemptions paid by Federal Funds wire, but not for redemptions paid by
check or by ACH wire through AccountLink, or for which checkwriting
privileges are used (see 'How To Sell Shares')."
3. Under "How Much Do You Plan to Invest?" in "How to Buy Shares" on
page 14, the second and third sentences are amended to read as follows:
For investors who invest $500,000 or more, in most cases Class
A shares will be the more advantageous choice, no matter how
long you intend to hold your shares. For that reason, the
Distributor normally will not accept purchase orders of $500,000
or more for Class B shares from a single investor.
4. Under "Waivers of Class A Sales Charges" in "Reduced Sales Charges
for Class A Share Purchases" on page 17, the first sentence in the second
paragraph of that subsection is amended by adding a new section (d) after
section (c) as follows:
. . . . or (d) purchased and paid for with the proceeds of
shares redeemed in the prior 12 months from a mutual fund on
which an initial sales charge or contingent deferred sales
charge was paid (other than a fund managed by the Manager or any
of its affiliates) (this waiver must be requested when the
purchase order is placed for your shares of the Fund, and the
Distributor may require evidence of your qualification for this
waiver).
(continued)<PAGE>
5. The subheading "Telephone Redemptions Through AccountLink" on page
22 under "How To Sell Shares" is amended to read "Telephone Redemptions
Through AccountLink or By Wire," and a second paragraph is added to that
sub-section as follows:
Shareholders may also have the Transfer Agent send redemption
proceeds of $2,500 or more by Federal Funds wire to a designated
commercial bank account. The bank must be a member of the
Federal Reserve wire system. There is a $10 fee for each Federal
Funds wire. To place a wire redemption request, call the
Transfer Agent at 1-800-852-8457. The wire will normally be
transmitted on the next bank business day after the shares are
redeemed. There is a possibility that the wire may be delayed
up to seven days to enable the Fund to sell securities to pay
the redemption proceeds. No dividends are accrued or paid on the
proceeds of shares that have been redeemed and are awaiting
transmittal by wire. To establish wire redemption privileges on
an account that is already established, please contact the
Transfer Agent for instructions.
6. Under "Checkwriting" on page 22, the last paragraph in that
subsection is deleted.
7. The second and third sentences in the first paragraph of "How To
Exchange Shares" on page 22 are deleted.
April 20, 1995
